Company Valuation: Ballard Power Systems Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 6,589 3,738 1,429 1,111 497.4 643.5 643.5 -
Change - -43.27% -61.78% -22.26% -55.22% 29.39% 0% -
Enterprise Value (EV) 1 5,841 2,631 530.6 377.4 -82.7 149 197.8 209.2
Change - -54.96% -79.83% -28.87% -121.91% 280.21% 32.71% 5.79%
P/E ratio -111x -32.2x -8.25x -6.3x -1.54x -6.65x -9.16x -11.7x
PBR 7.32x 2.81x 1.23x 1.12x 0.74x 1.1x 1.21x 1.31x
PEG - -0.4x -0.2x -3.65x -0x 0.1x 0.3x 0.5x
Capitalization / Revenue 63.4x 35.8x 17.1x 10.8x 7.13x 6.56x 5.41x 4.34x
EV / Revenue 56.2x 25.2x 6.33x 3.69x -1.19x 1.52x 1.66x 1.41x
EV / EBITDA -150x -32x -3.68x -2.51x 0.49x -1.36x -2.67x -3.84x
EV / EBIT -147x -29.9x -3.34x -2.32x 0.45x -1.29x -2.57x -3.48x
EV / FCF -105x -28.1x -3.19x -2.59x 0.62x -1.47x -2.64x -4.16x
FCF Yield -0.95% -3.56% -31.3% -38.6% 162% -67.9% -37.9% -24.1%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.21 -0.39 -0.58 -0.59 -1.08 -0.3219 -0.2336 -0.1836
Distribution rate - - - - - - - -
Net sales 1 103.9 104.5 83.79 102.4 69.73 98.15 118.9 148.2
EBITDA 1 -38.9 -82.19 -144 -150.1 -168.1 -109.6 -73.95 -54.47
EBIT 1 -39.76 -88.1 -158.9 -162.9 -183.3 -115.9 -77.1 -60.11
Net income 1 -51.38 -114.4 -173.5 -177.7 -324.2 -97.04 -69.96 -60.39
Net Debt 1 -747.6 -1,107 -898 -733.2 -580.1 -494.5 -445.7 -434.3
Reference price 2 23.372 12.556 4.788 3.718 1.661 2.140 2.140 2.140
Nbr of stocks (in thousands) 281,924 297,688 298,375 298,720 299,421 300,739 300,739 -
Announcement Date 3/11/21 3/12/22 3/17/23 3/11/24 3/13/25 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-6.65x1.52x-1.36x-.--% 644M
-7.39x4.52x-15.08x-.--% 3.11B
-67.16x6.48x-120.81x-.--% 1.82B
-16.53x17.51x-17.91x-.--% 855M
-3.44x1.58x-5.47x - 327M
96.91x1.52x15.53x-.--% 311M
-5.7x - - - 179M
Average -1.42x 5.52x -24.18x 0% 1.04B
Weighted average by Cap. -18.74x 6.05x -39.64x 0%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation Ballard Power Systems Inc.
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